In a multibillion-dollar agreement, Mars, the firm behind M&Ms and Snickers, has agreed to buy Kellanova, the snack food company that Kellogg’s split out last year, creating a new global food empire.
One of the biggest food deals in recent memory, the acquisition was announced on Wednesday.
Kellanova shareholders to receive $83.50 per share in cash, for a total consideration of $35.9 billion from the mars according to the statement issued.
Kellanova is the home of beloved food brands like Kellogg’s (international), Eggo, and MorningStar Farms, as well as well-known snack brands like Pringles, Cheez-It, Pop-Tarts, Rice Krispies Treats, NutriGrain, and RXBAR.
Kellanova employed over 23,000 people, operated in 180 markets, and had net sales of more than $13 billion in 2023.
Mars portfolio, which includes billion-dollar snacking and confectionery brands like SNICKERS, M&M’S, TWIX, DOVE and EXTRA, as well as KIND and Nature’s Bakery.
Mars also has 10 pet care brands with over $1 billion in sales.Mars had 2023 Net Sales of more than $50 billion.
The addition of Kellanova, which separated from its parent company in 2023, will bring massive brands like Pringles and Cheez-Its to Mars’ snacking unit.
Snacking is a broad, attractive, and long-lasting segment whose significance among customers is expanding.
Upon completion of the transaction, Kellanova will become part of Mars Snacking.
The deal includes every brand, asset, and business of Kellanova, including its frozen breakfast, foreign cereal and noodle portfolio, snacking brands, and plant-based foods sold in North America.
The agreement has been unanimously approved by the Board of Directors of Kellanova.
Date : 17th & 18th Aug, 2024
Time : 10 AM to 05 PM
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